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Cumberland Building Society leads way on mobile banking

Cumberland Building Society customers will soon be able to transfer cash to account-holders of seven national banks just by knowing their mobile telephone number.

Cumberland customers can already send cash to one another via the Pay2Mobile service, but on Tuesday the PayM system will mean they’re also connected to the Halifax/ Bank of Scotland, Barclays, Danske Bank, HSBC, Lloyds, Santander and TSB.

To celebrate this the Cumberland – the only building society in the country to be involved so far – is holding a launch event in the centre of Carlisle, where experts will be on hand to give demos and answer queries.

A member of the Payments Council will be present, as well as branch and head office staff.

Business development controller Allister Green said: “We want to celebrate that we are part of PayM and we are the only building society in the country to be involved at the launch.

“This really is something for the region to be proud of, it shows that although we are smaller than the big banks we can still keep pace with technology.

“You can download the app anytime or use it online if you have internet banking.

“Currently you can make payments to other Cumberland users but on Tuesday you will be able to make payments to people using any of the banks launching.”

PayM allows current account customers to make payments to each other by mobile phone.